The company MicroStrategy, which specializes in Bitcoin, is the focus of an explosive audit by the index provider MSCI. The share price has been under massive pressure since the plans became known.
• MSCI is considering excluding companies whose crypto holdings make up 50 percent or more of total assets
• JPMorgan warns of billions in capital outflows if MicroStrategy is excluded from MSCI indices
• Shares have fallen significantly since the plans were announced, but analysts see upside potential
MSCI audit targets crypto treasury firms
Since October 10, 2025, the index provider MSCI has been conducting a consultation on the future treatment of companies whose primary business area is the accumulation of Bitcoin or other digital assets: so-called digital asset treasury companies. The review aims to clarify whether companies whose characteristics are similar to investment funds may continue to be listed in the MSCI Global Investable Market Indexes.
MSCI suggests excluding companies whose digital assets account for 50 percent or more of total assets. The consultation will run until December 31, 2025. The final decision and announcement of the resulting index changes is scheduled for January 15, 2026, with implementation as part of the index review in February 2026. This review has already led to immediate action: MSCI temporarily suspended and closed all increases in the free float factor (FIF/DIF) as well as possible size segment migrations for affected securities, including Metaplanet the November 2025 Index Review from a possible new inclusion.
JPMorgan warns of massive capital outflows
JPMorgan strategists assessed the possible consequences for Michael Saylor’s strategy (formerly MicroStrategy) as significant. JPMorgan strategist Nikolaos Panigirtzoglou estimates that about $9 billion of the company’s current market capitalization is held in passive investments (ETFs, mutual funds) tied to benchmarks such as the NASDAQ 100, MSCI USA and MSCI World Index, Investing.com reports.
If MicroStrategy is actually excluded from the MSCI indices, JPMorgan estimates it could face $2.8 billion in capital outflows. If other index providers followed MSCI’s lead, potential forced selling could even reach $8.8 billion. The bank warns that an exclusion would be negatively received, could raise concerns about future capital raising and would potentially reduce the stock’s trading volume and liquidity. The company’s current ratio of 0.66 suggests that current liabilities currently exceed cash.
Share price development and analyst assessments
Market uncertainty has had a major impact on MicroStrategy’s share price. On Friday, November 21st, the stock closed on the NASDAQ down 3.74 percent at $170.50. In the last five trading days, the paper lost around 15 percent. Since the MSCI plans were announced in October, the price loss has been a massive 46.77 percent, while Bitcoin has lost around 30 percent of its value in the same period.
Despite the looming index problems, analysts remain optimistic, according to TipRanks: Of 14 ratings, twelve classify the stock as a buy and two as a hold. The average price target is $524.08. Based on Friday’s closing price, this results in a theoretical upward potential of around 207.4 percent.
A similar price development can also be seen at Metaplanet: On Friday, the share in Tokyo ultimately lost 7.75 percent to 357 yen. Since October 10th, the losses here have totaled around 36 percent.
Investors should now keep a close eye on further developments until mid-January.
Editorial team finanzen.net
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